Ann: Half Yearly Report to Shareholders, page-11

In the end what really matters is how the market perceives Fiducian. As asset manager FID has its pros and cons. I think AUM is a lot stickier than a typical fund management company but AUM might not rise as fast as the market because of the asset allocations. I would appreciate any inputs regarding how Fiducian allocate their AUM. On the other hand, they do not need to pay top dollars for 'talented' money managers, which is a big plus to me.

I think if the stock market goes up 10% in the next 18 months, FID will be able to earn 6.5 - 7 million NPAT depending on how you model the earnings. FID ought to be trading around 100m by then.

I own 63k shares.